Israel’s Devaluation Leads to Revision of Jewish Agency Budget

In the light of Israel’s new economic policy, which has devalued the pound, the Jewish Agency today revised its 1962-63 budget, increasing it from the previous figure of 272,000,000 pounds to 370,000,000 pounds ($123,333,333).

The reason for the revision, it was explained, is because the Agency will now receive a new, higher exchange rate for its income from fund-raising campaigns abroad. The principal increase in expenditures will be for the transport of immigrants and the repayment of dollar-linked loans. It is understood that the Agency’s participation in immigrant housing has been increased.